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With the outbreak of the pandemic forcing physical venues to close their doors, many art organizations are looking to identify new revenue streams. Crowdfunding can be a great way for institutions to raise much-needed funds for exhibitions, events, conservation work, and other projects.
This week’s ArtEvolve speakers are former professional crowdfunders and members of the Articheck team Mackenzie Garrity, Chief Commercial Officer, and Emma Law, Communications Manager. Read on for their insights into how crowdfunding methods can be used by both non-profit and commercial art organizations.
What is crowdfunding?
Crowdfunding is a method of raising capital through the collective effort of your audience. Any exhibition, artwork, restoration or project can be supported with crowdfunding.
- Campaign: A single crowdfunding initiative
- Project: Interchangeable with a campaign
- Backer: Supporters of your campaign or project
- Contribution: The amount that a backer gives to a campaign or project.
Models of Crowdfunding
- Donation: Philanthropy based. Backers are incentivized by supporting a good cause.
- Reward: Different contribution tiers, higher tiers offer higher value rewards or perks.
- Pre-sale: Backers receive the final product in return for their contribution.
- Subscription: Backers commit to a monthly subscription tier with a set of perks.
- Investment: Backers receive shares in the organization in return for their contribution.
What can the art world use crowdfunding for?
- Philanthropy projects
Crowdfunding campaigns typically include…
- Project video: 2-5 minute video sharing mission and benefits of project
- Project webpage: All relevant details of the project
- Reward or Pre-sale tiers: Different levels of donation with accompanying rewards, either physical, virtual, or experiential
- Blog for regular project updates: A place for backers to keep up to date on progress, even after fundraising ends
- Contact for backer support: A way for backers to ask questions and have any concerns addressed
- Fuel A Dream
- Art Happens by Art Fund
How do I run a crowdfunding campaign?
Campaign Launch Timeline:
3 months before: Choose campaign model, Decide on campaign focus and goals, Create strategy timeline, Compile audience lists.
2 months before: Create project video and page, Decide on rewards or pre-sale items, Build communication schedule, Write communication materials.
1 month before: Finalize project video and page, Finalize rewards fulfilment, Design announcement materials, Get audience excited about campaign, Prepare press release.
Launch: Campaign goes live, Announce campaign to audience, Push campaign to audience on all channels (email, social media, etc), Provide backer support.
Post-launch: Deliver rewards, Provide regular project updates, Provide backer support.
Art World Crowdfunding Examples:
Thank you for joining The Art Of Crowdfunding, part of the ArtEvolve webinar series!